International. AkzoNobel announced the sale of 100% of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion.
This transaction creates two focused, high-performance businesses: paints and coatings and specialty chemicals, as part of its strategy announced in April 2017. The transaction is expected to be completed before the end of 2018.
The Board of Directors and the Supervisory Board concluded that a private sale to The Carlyle Group and GIC is in the best interest of AkzoNobel, Specialty Chemicals and their respective groups, including employees, shareholders and customers. This is the result of a thorough two-way process during which the AkzoNobel Boards carefully considered both a legal spin-off and a private sale.
The Carlyle Group has a global presence and the financial capacity to enable the Specialty Chemicals business to realize its full potential. Carlyle has extensive experience investing in chemicals, unlocking long-term potential and creating value in its portfolio companies. As a responsible investor, Carlyle is focused on driving growth, job creation and long-term financial success. The firm also focuses heavily on environmental, social and governance (ESG) aspects and building positive working relationships with broader stakeholders (employees, unions and local communities).
Thierry Vanlancker, CEO of AkzoNobel, said: "Today is a key milestone in the creation of two focused, high-performing companies to generate value for all stakeholders. We fulfilled our commitment to separate the Specialty Chemicals business and did so ahead of schedule."
